Tidal lost huge sums of money in 2015

Jay Z’s music streaming service posted a big loss last year

Tidal has more than doubled its losses after being taken over by Jay-Z last year.

Aspiro AB, the Swedish holding company that Jay Z and a group of other musicians bought in early 2015, posted a net loss of 239 million Swedish kronor ($28 million) last year, over twice that of its 88.9m net loss in 2014, reports the Wall Street Journal.

Over the same period, revenue rose £30% to 402 million Swedish kronor from 309 million kronor.

However, the newly disclosed legal fillings do not represent a complete picture of the streaming service’s finances as they are missing US revenue figures.

Tidal has been struggling to compete with its rivals Spotify and Apple Music, despite securing exclusives from artists like Kanye West, Beyoncé and Prince.

NMEPress

While Spotify also recorded a net loss in 2015, it grew much quicker than Tidal, doubling its revenue to €1.95 billion.

Under Jay Z, Tidal has attracted 4.2m paid subscribers as of June. That compares with Apple Music’s 17m paying users and Spotify’s 30m subscribers.

Kanye West, one of Tidal’s stakeholders, recently called on Apple to buy the streaming service from Jay Z.